Cash conversion remains highly volatile, evidenced by an OCF/NI ratio that swung from -13.82 in 2024Q1 to 32.15 in 2026Q1 due to significant working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 82.1M | 61.4M | 23M | 27.8M | -73.9M | 7.4M | 141.5M | 112.43M | -29.79M | 41.88M | 134.81M | 30.87M | 18.86M | 5.86M | 28.63M | 32.31M | 62.04M | 49.2M | 10.04M | 45.74M | 39.02M | 32.11M | 20.89M | 8.18M | 32.84M | 1.45M | 23.29M | 27.6M | 28.5M | 34.7M | -900K |
| Operating CF Margin % | - | 4.35% | 1.76% | 2.08% | -5.8% | 0.68% | 13.81% | 9.61% | -2.54% | 3.54% | 11.75% | 3.14% | 1.93% | 0.63% | 3.06% | 3.38% | 8.04% | 6.67% | 1.03% | 5.26% | 5.49% | 5.21% | 4.14% | 1.92% | 6.83% | 0.32% | 4.47% | 6.14% | 7.83% | 13.07% | -0.41% |
| Operating CF Growth % | -17.83% | 166.96% | -17.27% | 137.62% | -1098.65% | -94.77% | 25.85% | 477.49% | -171.12% | -68.93% | 336.75% | 63.63% | 221.84% | -79.53% | -11.37% | -47.92% | 26.09% | 390.16% | -78.06% | 17.22% | 21.54% | 53.72% | 155.37% | -75.09% | 2161.66% | -93.77% | -15.62% | -3.16% | -17.87% | 3955.56% | -114.52% |
| Net Income | 25.8M | 38.8M | 4.1M | 33.7M | -600K | 17.9M | 46M | 22.17M | -60.74M | 37.59M | 54.99M | 31.97M | 34.21M | 39.21M | 40.37M | 40.02M | 32.57M | 3.11M | 63.13M | 56.8M | 39.59M | 28.09M | 19.05M | -28.96M | -4.71M | 1.99M | 26.28M | 31.7M | 24.4M | 13.8M | 4.3M |
| Depreciation & Amortization | 44.9M | 36.3M | 0 | 25.6M | 27.9M | 30.2M | 26.9M | 26.2M | 27.91M | 25.8M | 24.81M | 24.08M | 24.38M | 22.27M | 23.05M | 19.26M | 18.73M | 18.68M | 17.34M | 15.08M | 11.89M | 10.85M | 11.12M | 13.13M | 15.21M | 17.05M | 15.38M | 11.7M | 8.1M | 6.9M | 5.8M |
| Stock-Based Compensation | 6.1M | 0 | -100K | 4.1M | 6.8M | 6M | 5.1M | 2.64M | 2.18M | 3.14M | 2.94M | 1.25M | 1.2M | 1.46M | 1.28M | 2.8M | 2.4M | 1.41M | 2.38M | 452.15M | 0 | 1.86B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.2M | 400K | -6.8M | -6.4M | -17.1M | -1.3M | 8.6M | 1.72M | -25.39M | -291K | -3.52M | -2.9M | -3.13M | -2.21M | 6.04M | -2.29M | -497K | 382K | 2.55M | 99.77K | 1.01M | -1.5M | 4.94M | -5.51M | -610.27K | -1.17M | 494.69K | 1.2M | 0 | 0 | 0 |
| Other Non-Cash Items | 33.8M | 40.5M | 67.8M | 15.4M | 14.7M | 10M | 6.3M | 9.06M | 23.35M | 16.51M | 18.3M | 10.08M | 13.69M | 11.92M | 6.27M | 18.9M | 19.51M | 30.38M | 13.97M | -446.26M | 13.71M | -1.85B | 6.38M | 28.03M | 11.98M | 5.71M | -120.26K | 1.9M | 4.7M | 3.5M | 4.5M |
| Working Capital Changes | -27.3M | -54.4M | -42M | -44.6M | -105.6M | -55.4M | 48.6M | 50.65M | 2.9M | -40.87M | 37.28M | -33.61M | -51.48M | -66.78M | -48.38M | -46.38M | -10.67M | -4.75M | -89.34M | -32.12M | -27.17M | -19.05M | -21.77M | 1.5M | 10.96M | -22.12M | -19.81M | -18.9M | -8.7M | 10.5M | -15.5M |
| Change in Receivables | -19.4M | -28.4M | -20.6M | 4.7M | -28M | -43.9M | 12.2M | -2.95M | -36.8M | -7.75M | -4.89M | 3.16M | -6.92M | -8.85M | 7.55M | -23.71M | -8.2M | -23.1M | -16.52M | -6.81B | 0 | -8.87B | -248.03M | 0 | 3.24B | 677.16M | 8.16B | 0 | 0 | 0 | 0 |
| Change in Inventory | 28.3M | 11.8M | 27.4M | -63M | -96.4M | -53.8M | 45.9M | 61.3M | 30.76M | -19.62M | 30.84M | -6.5M | -41.93M | -36.56M | -40.13M | -32.02M | -7.37M | 36.57M | -70.79M | -42.59M | -26.82M | -11.29M | -21.47M | 6.29M | 6.53M | -4.45M | -18.9M | -11.1M | -3.7M | -1.8M | -1.4M |
| Change in Payables | -1.4M | -2.1M | -35.9M | 7.7M | 25.5M | 30.8M | -8.6M | -12.97M | 9.84M | 630K | 8.84M | -11.41M | 10.76M | 1.03M | -6.42M | 9M | 7.35M | -16.12M | -3.91M | 6.82B | 0 | 4.68B | 141.24M | 0 | 6.54B | -11.05B | -3.68B | 0 | 0 | 0 | 0 |
| Cash from Investing | -359.8M | -287.8M | -18M | -12.9M | -53.2M | -18.4M | -20.9M | -21.54M | -27.43M | -46.9M | -66.23M | -10.59M | -42.82M | -42.25M | 17.3M | -68.78M | -11.13M | -17.66M | -41.44M | -68.26M | -29.54M | 1.11M | 14.04M | 30.42M | -14.33M | -12.1M | -36.79M | -85.9M | -39.3M | -30.6M | -11.8M |
| Capital Expenditures | -44.9M | -39.9M | -20.5M | -34.1M | -40.7M | -20.1M | -15.4M | -23.36M | -27.44M | -20.05M | -27.37M | -21.2M | -24.85M | -27.67M | -26.02M | -36.13M | -11.34M | -17.46M | -39.93M | -38.45M | -30.88M | -11.63M | -11.17M | -3.59M | -33.98M | -36.06M | -75.42M | -53.6M | -18.5M | -25.3M | -8.7M |
| CapEx % of Revenue | 3.04% | 2.83% | 1.57% | 2.55% | 3.19% | 1.83% | 1.5% | 2% | 2.34% | 1.69% | 2.39% | 2.16% | 2.55% | 2.97% | 2.78% | 3.78% | 1.47% | 2.37% | 4.1% | 4.42% | 4.35% | 1.89% | 2.21% | 0.84% | 7.07% | 7.91% | 14.48% | 11.92% | 5.08% | 9.53% | 3.93% |
| Acquisitions | -67.4M | -248.7M | 2.3M | 0 | -17.8M | -1M | -23.4M | 483K | 375K | -26.44M | -39.76M | 178K | -34.97M | 0 | 42.94M | -33.41M | 0 | -475K | -18.28M | -19.66M | 0 | 0 | 0 | 0 | 0 | 0 | -7.47B | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -246.9M | 700K | 400K | 20.3M | 5.7M | 1.9M | 17.7M | -473K | 375K | 480K | 2.49M | 10.08M | -15.62M | 424K | 375K | 500K | -744K | 283K | 16.78M | -34.93K | 1.34M | 275.93M | 25.21M | 34.01M | 19.65M | 23.96M | 7.51B | -32.3M | -20.8M | -5.3M | -3M |
| Cash from Financing | 260.1M | 206.1M | 24.4M | -18.3M | 60.1M | -12.1M | -10.4M | -68.08M | 22.69M | -16.79M | -11.02M | -6.06M | 2.44M | -6.59M | -22.47M | 885K | 2.03M | -3.21M | 7.62M | 11.93M | 12.98M | -18.92M | -35.42M | -59.26M | 4.81M | 10.51M | 17.19M | 56.7M | 13.3M | -4.5M | 12.9M |
| Debt Issued (Net) | 285M | 218.6M | 36.4M | -5.2M | 84.5M | 1M | 100K | -58M | 56.5M | -7.24M | 70K | 1.47M | 10.36M | 0 | 0 | 0 | 0 | -3.43M | 3.43M | -7.5M | 0 | -37.68M | -37.66M | -58.9M | 4.2M | 9.76M | 16.18M | 55.3M | 12M | 3.2M | 13.6M |
| Equity Issued (Net) | -100K | 0 | -500K | -1.6M | -10.1M | 0 | 0 | -400K | -24.1M | 0 | -849K | 72K | 187K | 112K | 141K | 546K | 1.41M | 802K | 4.67M | 15.05M | 10.02M | 18.76M | 2.52M | -362.76K | -174.35K | 748K | 1.01M | 1.4M | 1.4M | -7.7M | -800K |
| Dividends Paid | -12M | -11.9M | -11.9M | -11.8M | -11.2M | -10.2M | -10M | -9.92M | -9.63M | -9.23M | -9.22M | -9.19M | -9.17M | -6.86M | -22.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -500K | -1.6M | -10.1M | 0 | 0 | -400K | -24.5M | -106K | -153K | -653K | -95K | 0 | -373K | -266K | -25K | -78K | -196K | 0 | 0 | -84.2K | -232K | -744.78K | -872.89K | 0 | 0 | 0 | 0 | -7.8M | -800K |
| Other Financing | -12.8M | -600K | 400K | 300K | -3.1M | -2.9M | -500K | 231K | 0 | -324K | -1.02M | 1.59M | 1.06M | 158K | 177K | 339K | 620K | -585K | -470.11K | 4.39M | 2.96M | 0 | -283.49K | 0 | 785K | 0 | 471 | 0 | -100K | 0 | 100K |
| Net Change in Cash | -17.6M | -18.8M | 27.6M | -2.8M | -68.4M | -24.2M | 109.7M | 23.04M | -36.46M | -20.09M | 57.31M | 12.04M | -22.54M | -45.37M | 23.42M | -37.09M | 54.17M | 30.75M | -24.96M | -10.24M | 22.28M | 14.25M | -402.41K | -20.61M | 23.67M | -383.15K | 3.33M | -1.7M | 13.3M | -4.5M | 12.9M |
| Free Cash Flow | 37.2M | 21.5M | 2.5M | -6.3M | -114.6M | -12.7M | 126.1M | 89.07M | -57.23M | 21.84M | 107.44M | 9.66M | -5.99M | -21.81M | 2.62M | -3.82M | 50.7M | 31.74M | -29.89M | 7.29M | 8.15M | 20.48M | 9.72M | 4.59M | -1.14M | -34.61M | -52.13M | -26M | 10M | 9.4M | -9.6M |
| FCF Margin % | 2.52% | 1.52% | 0.19% | -0.47% | -8.99% | -1.16% | 12.31% | 7.62% | -4.88% | 1.84% | 9.36% | 0.98% | -0.61% | -2.34% | 0.28% | -0.4% | 6.57% | 4.3% | -3.07% | 0.84% | 1.15% | 3.32% | 1.93% | 1.08% | -0.24% | -7.59% | -10.01% | -5.78% | 2.75% | 3.54% | -4.34% |
| FCF Growth % | -48.33% | 760% | 139.68% | 94.5% | -802.36% | -110.07% | 41.57% | 255.66% | -362.08% | -79.68% | 1011.74% | 261.39% | 72.55% | -934.11% | 168.4% | -107.54% | 59.75% | 206.17% | -509.92% | -10.46% | -60.22% | 110.7% | 111.71% | 502.2% | 96.7% | 33.61% | -100.5% | -360% | 6.38% | 197.92% | -6.67% |
| FCF per Share | 1.60 | 0.93 | 0.11 | -0.28 | -5.03 | -0.55 | 5.51 | 3.93 | -2.50 | 0.94 | 4.64 | 0.42 | -0.26 | -0.95 | 0.11 | -0.17 | 2.22 | 1.40 | -1.32 | 0.32 | 0.37 | 0.98 | 0.48 | 0.24 | -0.08 | -1.74 | -2.64 | -1.30 | 0.51 | 0.48 | -0.47 |
| FCF Conversion (FCF/Net Income) | 1.44x | 1.58x | 5.35x | 0.83x | 739.00x | 0.47x | 3.08x | 5.04x | 0.49x | 1.11x | 2.44x | 0.94x | 0.55x | 0.15x | 0.71x | 0.81x | 1.91x | 16.04x | 0.16x | 0.81x | 0.99x | 1.14x | 1.03x | -0.28x | -6.98x | 0.73x | 0.89x | 0.87x | 1.17x | 2.51x | -0.21x |
| Interest Paid | 8.4M | 0 | 8.5M | 7M | 1.1M | 300K | 300K | 0 | 900K | 588K | 1.41M | 1.65M | 476K | 229K | 366K | 193K | 352K | 488K | 787K | 493.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 17.7M | 0 | 8.2M | 13.8M | 17.7M | 10M | 0 | 0 | 8.5M | 26.92M | 28.45M | 29.57M | 23.03M | 20.33M | 13.72M | 21.47M | 8.5M | 9.32M | 38.11M | 23.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Working Capital Volatility
As reported in recent financial filings, the relationship between net income and operating cash flow is frequently decoupled, evidenced by a volatile OCF/NI ratio that swung from -13.82 in 2024Q1 to 32.15 in 2026Q1, highlighting significant disconnects between accounting profits and actual cash generation.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for the company's underlying cash-generating capability. Investors should monitor whether these fluctuations are driven by non-cash accounting adjustments or the inherent lumpiness of project-based revenue recognition.
Based on the provided quarterly data, free cash flow trajectory remains inconsistent, with margins fluctuating from a negative 17.1% in 2024Q1 to a peak of 11.1% in 2023Q4, indicating that the company struggles to maintain a stable cash conversion profile across different operating cycles.
The inability to sustain positive free cash flow suggests that the company's capital-intensive nature often outpaces its operational inflows. This volatility warrants further investigation into whether the current cost structure can support consistent cash generation during periods of lower infrastructure demand.
According to the company's cash flow statements, working capital changes are a primary source of cash flow instability, with a massive $57.4 million outflow in 2024Q1 followed by a $19.8 million inflow in 2026Q1, reflecting significant friction in managing inventory and receivables cycles.
These sharp swings in working capital suggest that the company may be struggling to align its production schedules with actual customer delivery timelines. Such instability often indicates that inventory management or collection processes are not yet optimized for the current project-heavy business model.
As indicated by historical data, the company maintains a disciplined approach to capital expenditure, with CapEx/Revenue ratios generally hovering between 0.9% and 2.7%, suggesting that management is not over-investing in fixed assets despite the ongoing transformation of its manufacturing footprint under the OneASTEC model.
While the low capital intensity is a positive signal for cash preservation, it may also imply that the company is deferring necessary upgrades to its aging manufacturing facilities. Analysts should monitor whether this level of investment is sufficient to maintain long-term competitive parity in the asphalt machinery market.
Quick answers to the most common questions about buying ASTE stock.
Astec Industries, Inc. (ASTE) generated $61.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Astec Industries, Inc. (ASTE) generated $21.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Astec Industries, Inc. (ASTE) spent $39.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Astec Industries, Inc. (ASTE) returned $11.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.